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Journal Article
Blockchain and Financial Market Innovation
Blockchain technology is likely to be a key source of future financial market innovation. It allows for the creation of immutable records of transactions accessible by all participants in a network. A blockchain database is made up of a number of blocks ?chained? together through a reference in each block to the previous block. Each block records one or more transactions, which are essentially changes in the listed owner of assets. New blocks are added to the existing chain through a consensus mechanism in which members of the blockchain network confirm transactions as valid. The technology ...
Speech
The Economy in the Time of Coronavirus
Remarks at the Buffalo Niagara Partnership, the Greater Rochester Chamber of Commerce, and CenterState CEO (delivered via videoconference).
Working Paper
The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets
This paper develops a model of the financial system that provides a framework for analyzing monetary policy implementation in a world with multiple Federal Reserve liabilities and a superabundant supply of reserves. The analysis demonstrates that the Federal Reserve's suite of policy tools including interest on excess reserves (IOER), overnight and term reverse repurchase agreements, and term deposits should allow the Federal Reserve to raise the level of short-term interest rates at the appropriate time. The model also demonstrates that these tools could be used in different ways to achieve ...
Speech
Federal Reserve Asset Purchases: The Pandemic Response and Considerations Ahead
Remarks at New York University’s Stern School of Business (delivered via videoconference)As prepared for delivery.
Newsletter
Managing Risk in Global Financial Markets: CCP Governance, Supervisory Stress Testing, and Default Management Auctions
The second annual Symposium on OTC Derivatives was held in Shanghai on June 26, 2018. This event was cosponsored by the People?s Bank of China and the Federal Reserve Bank of Chicago and hosted by CCP12 (The Global Association of Central Counterparties). Its three panels focused on central counterparty (CCP) governance, supervisory stress testing, and default management auctions.
Speech
The Economic Outlook
Remarks at Foreign Policy Association, New York City.
Speech
Transcript of Lorie Logan on the Macro Musings Podcast
A closer look at monetary policy operations, the Fed’s new Standing Repo Facility, and the future of the Fed’s balance sheet.
Working Paper
Gambling for Dollars: Strategic Hedge Fund Manager Investment
Hedge fund managers differ in ability and investors want to distinguish good ones from bad. Via the design of their investment strategies, better fund managers want to ease this inference problem while worse fund managers want to complicate it. We impose only the minimal restrictions on the nature the investment strategies that, on average, returns reflect the hedge fund manager?s ability and that returns be bounded from below, and solve for the set of equilibria that emerge. We then show that under a variety of equilibrium refinements, a unique equilibrium obtains. In this equilibrium, ...
Discussion Paper
At the N.Y. Fed: The Transatlantic Economy: Convergence or Divergence?
On April 18, 2016, the New York Fed hosted a conference on current and future policy directions for the linked economies of Europe and the United States. “The Transatlantic Economy: Convergence or Divergence?”—organized jointly with the Centre for Economic Policy Research and the European Commission—brought together U.S. and Europe-based policymakers, regulators, and academics to discuss a series of important issues: Are the economies of the euro area and the United States on a convergent or divergent path? Are financial regulatory reforms making the banking and financial structures ...
Speech
Preparing for the Unknown
Remarks at the 2021 U.S. Treasury Market Conference (delivered via videoconference).